Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES    
Net income $ 152,582 $ 180,695
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,505 50,149
Provision for deferred income taxes (6,972) 4,604
Provision for bad debts 10,216 9,509
Stock-based compensation expense 10,891 10,030
Other, net (951) (1,920)
Benefit settlement 25,949
Changes in operating assets and liabilities (19,902) (39,793)
Net cash provided by operating activities 230,318 213,274
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (431,249) (71,785)
Purchases of equipment and property (18,701) (19,645)
Proceeds from sales of franchises 612 343
Other 1,370 1,002
Net cash used in investing activities (447,968) (90,085)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (9,935) (9,533)
Dividends paid (103,093) (91,677)
Repayment of Term Loan (27,000)
Repayment of Revolving Commitment (45,000)
Borrowings under Term Loan 250,000
Borrowings under Revolving Commitment 148,000
Net cash provided by/(used in) financing activities 212,972 (101,210)
Effect of exchange rate changes on cash (6,445) (10,377)
Net increase/(decrease) in cash and cash equivalents (11,123) 11,602
Cash and cash equivalents at beginning of period 115,485 107,050
Cash and cash equivalents at end of period 104,362 118,652
Supplemental disclosure of cash flow information:    
Non-cash additions to operating lease right-of-use assets $ 23,415